Financial Crime World

Monaco’s Battle Against Financial Crimes: Bolstering Defenses and Avoiding Grey List Status

In response to the Moneyval report’s critique, Monaco has intensified its efforts to strengthen its defenses against money laundering and financing of terrorism. Facing the possibility of a FATF Grey List registration in May 2024, Monaco’s leaders are leaving no stone unturned to meet international standards.

Monaco’s Renewed Commitment

  • Prince Albert II’s Determination: In an exclusive interview with Le Figaro, Prince Albert II expressed Monaco’s resolve to address all recommendations from Moneyval. Monaco is committed to meeting the best international standards and avoiding any error in this critical fight. (Le Figaro)
  • Government’s Response: Through Minister of State Pierre Dartout, the government announced its commitment to comply with the most stringent international standards within the assigned 12-month monitoring period. (Monaco Matin)

Implementing Recommendations

  • Creating the AMSF: The Monégasque Financial Security Authority (AMSF) has been established as Monaco’s primary anti-money laundering police force, replacing SICCFIN. Sophie Thevenoux has been appointed as its head, and the agency has experienced a significant staff expansion with the hiring of over 30 new experts.
  • Enhancing Sanctions: Effective identification of beneficial owners and company deregistration have been prioritized following Moneyval’s recommendations. Enhanced sanctions have been imposed, enabling the AMSF to carry out investigations and impose penalties. (Monaco Matin)

Progress Towards International Standards

  • Beneficial Owner Identification: Monaco has made significant progress in the identification of beneficial owners and the transparency of company ownership. (Monaco Matin)
  • Company Deregistration: Plans have been made to close dormant companies and make their status transparent to the public. (Monaco Matin)

The Stakes Are High

  • Consequences of Failing to Meet Standards: The FATF Grey List is a designation that could severely damage Monaco’s reputation and economic growth. Monaco was previously added to the FATF Grey List a decade ago and was released following rigorous reform efforts.
  • Optimism and Determination: Despite the challenges, Minister of State Pierre Dartout remains optimistic about Monaco’s future and the progress being made towards meeting international anti-money laundering standards. Monaco is making progress towards maintaining its reputation as a beacon of stability in Europe.